Acquisition of property.
Improvement of streets, gutters, curbs, sidewalks, crosswalks,
driveway entrances and structures, drainage works incidental thereto and
service connections from sewer, water, gas and other utility mains,
conduits or pipes.
Improvement of storm and sanitary sewer systems.
Improvement of streetlights and street lighting systems.
Improvement of waterworks systems.
Improvement of parks, playgrounds and recreational systems.
Landscaping streets or other public facilities.
Improvement of flood control works.
Improvement of pedestrian and vehicle bridges, overpasses and
tunnels.
Improvement of retaining walls and area walls on public ways.
Improvement of property for off-street parking.
Acquisition and improvement of other public facilities or
improvements.
Improvements for public safety.
How does a NID finance a project?
A NID finances improvements through the imposition of
special assessments apportioned against the property within the
district. Once the creation of the NID has been approved, plans
and specifications for the project and a preliminary assessment roll
will be prepared and the governing body of the municipality will hold a
public hearing. Following the completion of the construction of the
project, the final costs and assessments will be computed and notice
mailed to taxpayers. Charges may be assessed equally per front foot or
per square foot or pursuant to any other reasonable assessment plan;
provided, the amount of the assessment correlates to the benefits
accruing to the property by reason of the improvements.
Once the preliminary assessment roll is prepared and following
submission of a petition signed by a specified number of property owners
or, in certain cases, an election, the governing body of the
municipality can issue general obligation bonds.
The bonds are a form of general obligation bonds. The bonds are
payable as to both principal and interest from the assessments and, if
not so paid, from current income and revenue and revenues and surplus
funds of the city or county that formed the district. The city, or
county is not authorized to impose any new or increased ad valorem
property tax to pay principal of or interest on the bonds without voter
approval. If the city or county uses funds on hand to pay debt service,
the issuer can reimburse itself from assessments at a later date.
